Fitch rates PG&E debt A-

Fitch Ratings said it assigned an A- issuer default rating and F1 short-term issuer default rating to PG&E Corp. and A- ratings to its senior unsecured notes and unsecured bank facility.

The agency also affirmed the ratings of PG&E's core operating utility subsidiary, Pacific Gas and Electric Co., including its issuer default rating at A-, senior unsecured notes and unsecured bank facilities at A, preferred stock at BBB+ and short-term issuer default rating and commercial paper at F1.

The outlook is stable.

The agency said PG&E and Pacific Gas and Electric's ratings and stable outlooks consider the core operating utility's strong, relatively predictable earnings and cash flows, manageable debt levels and the balanced regulatory/political environment in California. They also reflect Fitch's confidence in Pacific Gas and Electric's ability to effectively execute, finance and recover its large, projected capital spending budget.

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